Respondent determined deficiencies in the income and excess profits taxes of Gordon Oil Company for the taxable period January 1 to August 31, 1951, in the total amount of $46,256.88. He determined further that Mortimer A. Kline is the transferee of the assets of that company, and is liable for the deficiencies. At issue is whether Gordon incurred a deductible loss on the assignment of certain tangible property.
FINDINGS OF FACT.
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